Tokens may be used in lieu of account identifiers in transaction processing systems. Entities is a transaction processing system may generate, process and approve/decline an authorization request message for a transaction using the token. The transaction may be for acquiring a resource, a good or a service provided by a resource provider.
In conventional systems, the token generating entity (e.g. the token service provider) stores the generated token and data associated with the token at a storage (e.g. token vault). Accordingly, in conventional systems, the token generating entity is in charge of all token-related activity without being privy to all information about the user and/or the account associated with the token.
Conventional processes for storing and processing tokens can be inefficient. The token service provider is in charge of generating and processing the tokens. However, the token service provider is not generally in possession of all information about the user and/or the account associated with the token. For example, the token may represent an account identifier associated with a first account issued to the user by a first issuer. The transactions using the first account may be processed by a first transaction processing entity. The user may have at least a second account issued by a second issuer, and at least a third account issued by the first issuer. The transactions using the second account may be processed by the first transaction processing entity, and the transactions using the third account may be processed by a second transaction processing entity.
When the token service provider is the first transaction processing entity, the token service provider will have information about the first account and the second account. However, the token service provider will not have information about the third account. When the token service provider is the first issuer, the token service provider will have information about the first account and the third account. However, the token service provider will not have information about the second account. Accordingly, during processing of the token the token service provider may not in possession of all information to make an informed determination about whether the transaction (e.g. authorization request) should be approved/decline.
There is a need to provide for systems and methods that can allow for storage of token data at multiple locations managed by different entities to provide redundancy and allow for division of token processing responsibilities among the different entities to provide for increased fraud prevention by having each party to perform a different data analysis using the data accessible to respective entities.
In addition, in the conventional systems the token and token data are stored at a single location (e.g. token vault). Therefore, when the token vault is hacked, the sensitive information is compromised.
Embodiments of the invention address this and other problems, individually and collectively.